AHMEDABAD: Vadodara-based startup, Charge+Zone, on Monday announced it raised $54 million (approximately Rs 450 crore) as part of the Series A1 round. The deal was led by BlueOrchard Finance, a member of the Schroders Group along with existing and new institutional investors. The company is a key player in the EV charging infrastructure development sector and with the fresh round of funds, it is looking to expand further.
Of the total funding, $8 million is debt investment from an infrastructure strategy managed by Blue Orchard.
The funding arranged by BlueOrchard will finance an immediate roll-out of 286 charging stations serving 1,130 e-buses and e-trucks as well as over 1250 e-car fleets in addition to new expansion targets by Charge+Zone.
